Cryptocurrency buying and selling has grown quick over the previous few years. Extra folks at the moment are in search of protected and simple platforms to purchase, promote, and commerce digital belongings. With so many exchanges out there, selecting the best one might be troublesome. Merchants need low charges, sturdy safety, easy design, and quick transactions. Each trade gives one thing totally different, so it’s essential to check key options earlier than signing up.
This Phemex overview will cowl its buying and selling options, charges, safety, and extra, serving to you determine if it’s the best crypto trade to your wants.
Phemex Trade Evaluate: Abstract
Founding 12 months2019HeadquartersSingapore (working beneath Phemex Know-how Pte. Ltd.)Person Base5 million customers throughout 150 nations globallySupported Cryptocurrencies470+ cryptocurrencies, together with BTC, ETH, USDT, and SOLBuying and selling Merchandisespot buying and selling, futures with 100x leverage, copy buying and selling, staking, and P2PBuying and selling Charges0.1% maker/takerFiat Foreign money Help30+ fiat currencies like USD, EUR, BRLSafety MeasuresChilly storage, 2FA, passkeys, anti-phishing codes, proof of reservesRestricted International locationsUS, UK, Canada, China, and othersBuyer Help24/7 reside chat, electronic mail, and Assist Heart; no telephone help
What Is Phemex?
Phemex is a cryptocurrency trade primarily based in Singapore that launched in 2019. The platform lets you purchase, promote, and commerce digital currencies like Bitcoin, Ethereum, and greater than 470 others. It serves greater than 5 million customers throughout 150 nations.
The trade is understood for its quick and dependable buying and selling system. Phemex processes as much as 300,000 transactions per second with minimal delays. The platform helps spot buying and selling and futures buying and selling with as much as 100x leverage. Phemex expenses low charges: 0.1% for spot buying and selling and 0.01% to 0.06% for futures, which is sort of aggressive in comparison with different exchanges.
Phemex is a user-friendly platform with a cellular app for buying and selling and a demo account for working towards with out actual cash. It additionally gives instruments like copy buying and selling and staking choices to earn a passive earnings. The trade helps deposits in 30+ fiat currencies, together with USD and EUR, however it’s unavailable in some areas just like the US and UK resulting from laws. In case you are a brand new consumer, you need to use our Phemex referral code FR72P8 to get a $4,800 sign-up bonus.
Execs
Handles as much as 300,000 transactions per second for quick buying and sellingExpenses low charges, beginning at simply 0.1% for spot buying and sellingHelps over 470 cryptocurrencies and gives various buying and selling alternativesPrioritizes safety with chilly storage wallets and two-factor authenticationGives a user-friendly cellular app for handy on-the-go buying and sellingAffords a demo account to apply buying and selling with out monetary danger
Cons
Unavailable within the US and UK resulting from strict regulatory restrictionsBuyer help could reply slowly throughout high-traffic intervalsLacks licensing in some areas, creating potential regulatory dangers
Phemex Trade Key Options
Phemex Spot Buying and selling
Spot buying and selling on Phemex permits customers to purchase and promote cryptocurrencies immediately at present market costs. Merchants personal the precise digital belongings, like Bitcoin or Ethereum, not like futures buying and selling, the place contracts are exchanged.
The platform helps over 470 cryptocurrencies and gives buying and selling pairs comparable to BTC/USDT, ETH/USDT, and smaller altcoins. You possibly can commerce with as little as $1, making it accessible for rookies and skilled merchants alike. The interface is simple, with real-time worth charts and order sorts like market, restrict, and conditional orders for exact buying and selling methods.
Phemex Derivatives Buying and selling
Phemex gives the most effective platform for derivatives buying and selling. You possibly can commerce each USD-margined and coin-margined contracts. These contracts are additionally known as futures contracts. You do not want to personal the asset to commerce it. Phemex helps well-liked perpetual contracts like BTC/USDT, ETH/USDT, and plenty of others, and you’ll commerce with as much as 100x leverage.
There are two varieties of contracts on Phemex:
USD-Margined Contracts (Linear Contracts): These are settled in USDT. You’ll want to deposit USDT in your contract buying and selling account. These are simpler to make use of and perceive.Coin-Margined Contracts (Inverse Contracts): These are settled within the base coin like BTC or ETH. You’ll want to deposit the identical coin to commerce. These are higher if you wish to develop your crypto holdings.
You need to use totally different order sorts like restrict, market, conditional, and cease orders. This helps you handle danger. Phemex additionally gives instruments like take-profit, stop-loss, and trailing cease options. These instruments aid you management your losses. The platform makes use of Remoted and Cross Margin modes. Remoted margin limits danger to 1 commerce, and cross margin makes use of all of your funds to stop liquidation. As mentioned above, Phemex additionally offers a demo account for working towards futures buying and selling with leverage. You possibly can take a look at your methods with out utilizing actual cash.
Phemex Copy Buying and selling
Phemex gives a function known as Copy Buying and selling within the futures contracts market. This lets you routinely copy the trades of skilled merchants, often called Prime Merchants. It’s helpful if you’re new to buying and selling or need to comply with the methods of expert merchants.
Phemex helps copy buying and selling for over 70 USDT-margined perpetual contracts, together with main cash like Bitcoin, Ethereum, and altcoins like DOGE and SOL. No additional transaction charges apply past customary buying and selling charges. Prime Merchants earn a revenue share, sometimes as much as 20%, calculated periodically primarily based on copiers’ internet income.
The platform shows every dealer’s credentials, together with their revenue and loss (PNL), return on funding (ROI), and profitable fee over intervals like 30 or 90 days. You possibly can select to comply with a dealer for notifications on their strikes or copy their trades straight. Copying requires setting parameters like buying and selling pairs (e.g., BTC/USDT), most funding, and leverage, with a minimal copy quantity of fifty USDT. Funds should be deposited right into a devoted copy buying and selling account.
Sub-Accounts and API
Phemex sub-accounts allow you to have particular person accounts beneath your main account for structured buying and selling. You possibly can deal with varied methods, portfolios, or danger ranges with out combining funds. Each sub-account has its personal pockets and buying and selling authority, however the main account governs funding.
Phemex gives API entry for automated buying and selling and account administration. You possibly can generate API keys to programatically work together together with your account. For example, you need to use well-liked crypto buying and selling bots comparable to 3Commas and Cryptohopper to commerce on Phemex through API.
The API makes use of REST and WebSocket protocols for real-time market knowledge, order sending, and account administration. Spot and contract buying and selling APIs can help as much as 5,000 requests per minute, with better limits for VIP or institutional customers, and no extra charges are charged for API utilization, solely common buying and selling charges.
Phemex Launchpad
The Phemex Launchpad gives you an opportunity to purchase new cryptocurrencies at a set worth earlier than they hit the spot market. You possibly can put money into promising initiatives early, doubtlessly benefiting from future worth will increase. The method entails holding PT (Phemex native token) in your spot pockets.
The Launchpad operates in several levels. First, the Calculation Interval tracks your day by day common PT stability in your spot pockets and funding account over a set time. The Allocation Interval follows, the place Phemex calculates token distribution primarily based in your dedicated PT, capped by every undertaking’s most allocation.
Phemex Earn
Phemex Earn supplies a means so that you can generate passive earnings by depositing cryptocurrencies into financial savings accounts. You possibly can deposit belongings like USDT, BTC, ETH, and SOL into two varieties of financial savings accounts: Versatile Financial savings and Mounted Financial savings.
Versatile Financial savings enables you to withdraw your funds anytime, providing day by day revenue distribution and instant entry to your belongings. It has a decrease APY in comparison with fixed-term staking.Mounted Financial savings requires you to lock your funds for a set interval, both 7 or 14 days, with income distributed on the finish of the time period.
For Versatile Financial savings, you earn day by day curiosity credited to your account, which you’ll reinvest or withdraw. For Mounted Financial savings, you obtain the principal and curiosity upon maturity, with no early withdrawal possibility.
Phemex Earn works like a lending and borrowing market. While you provide your crypto, Phemex provides it to a shared pool. Different customers can borrow from this pool. In return, they pay curiosity. That curiosity is shared amongst all lenders primarily based on their share within the pool.
Buying and selling Bots
Phemex Buying and selling Bots are automated instruments that aid you commerce with out guide effort. These bots comply with preset methods to purchase and promote crypto primarily based on market situations. Phemex gives three varieties of bot buying and selling: spot and futures grid buying and selling, futures martingale, and sign buying and selling.
Spot and Futures Grid Buying and selling: Phemex’s Grid Buying and selling Bots automate shopping for and promoting at preset worth intervals inside an outlined vary. This technique is efficient in sideways markets. For futures, it helps USDT-margined perpetual contracts with as much as 20x leverage, requiring at the least 50 USDT, and you’ll select lengthy, brief, or impartial methods.Martingale Technique: The Martingale bot on Phemex is designed to handle danger by adjusting commerce sizes. When a commerce ends in a loss, the bot will increase the place dimension within the subsequent commerce, aiming to recuperate losses and achieve revenue when the market reverses.Sign Buying and selling: Sign Buying and selling on Phemex enables you to automate trades utilizing TradingView webhook alerts for exact execution. You join your Phemex account to TradingView, set triggers like purchase or promote primarily based on technical indicators, and the bot executes them on spot or futures markets.
Phemex Web3 Ecosystem
The Phemex Web3 Ecosystem, often called Phemexia, blends centralized and decentralized finance to create a clear, community-driven platform. You possibly can take part by minting a Phemex Soul Go (PSP).
Phemexia consists of PhemexPulse, a SocialFi platform, the place you may share buying and selling insights, have interaction with others, and earn as much as 270 factors day by day (convertible to PT) by means of actions like messaging, buying and selling, or referrals. Phemex Lending Protocol, one other key function, enables you to provide liquidity or borrow belongings like USDT, with vePT holders having fun with a 30% low cost on borrowing charges.
Phemex P2P
Phemex’s Peer-to-Peer (P2P) buying and selling service lets you purchase and promote cryptocurrencies straight with different customers utilizing native fiat currencies.
Fiat Currencies Supported: Over 30 fiat currencies, together with USD, EUR, BRL, and RUB, relying on Verify availability by nation or area.Buying and selling Charge: 0% for P2P transactions, although cost suppliers could cost exterior charges.A number of Fee Strategies: The platform helps over 15 cost strategies, comparable to PayPal, Apple Pay, and varied financial institution transfers.Transaction Time Restrict: You will need to full funds throughout the vendor’s specified time, typically 15–half-hour.Supported Cryptocurrencies: Consists of main cash like BTC, ETH, USDT, and others, with no mounted restrict on pairs.
Phemex Study & Earn
The Phemex Study & Earn program rewards you for studying about cryptocurrencies and blockchain by means of partaking instructional content material.
You’ll want to watch brief movies or learn classes on subjects like fiat vs. cryptocurrency, buying and selling fundamentals, and platform options, then full quizzes to check your understanding. Upon passing, you earn buying and selling bonuses, sometimes $2 per lesson, credited as USD to your Phemex account for investing in any cryptocurrency.
Phemex Charges
Phemex Buying and selling Charges
For spot buying and selling, Phemex expenses each makers and takers a base charge of 0.1%. Nonetheless, customers can profit from diminished charges by means of the VIP program, which is decided by the consumer’s 30-day buying and selling quantity or asset stability. You too can get a 20% low cost with PT tokens.
The charge construction is as follows:
VIP LevelLast 30d spot buying and selling vol. (USD)Maker FeeTaker ChargeVIP 0[0.0000,800.00K)0.1000%0.1000%VIP 1[800.00K,1.80M) & API ≤ 20%0.0900%0.1000%VIP 2[1.80M,2.50M) & API ≤ 20%0.0500%0.0700%VIP 3[2.50M,4.50M) & API ≤ 20%0.0450%0.0650%VIP 4[4.50M,8.00M) & API ≤ 20%0.0400%0.0600%VIP 5[8.00M,15.00M) & API ≤ 20%0.0350%0.0550%
In contract trading, Phemex distinguishes between market makers and takers. Makers, who add liquidity to the order book, are charged a lower fee compared to takers, who remove liquidity. The base contract trading fee is 0.01% for the maker and 0.06% for the taker. You can also get a 10% fee discount when paying with PT.
Phemex Deposit and Withdrawal Fees
Depositing cryptocurrencies into your Phemex account is free of charge. However, when withdrawing cryptocurrencies, fees are applied based on the specific asset and the network used. For example:
Bitcoin (BTC): The Withdrawal fee is 0.00004 BTC with a minimum withdrawal amount of 0.0002 BTCEthereum (ETH): The Withdrawal fee is 0.005 ETH with a minimum withdrawal amount of 0.002 ETHTether (USDT): On the ERC-20 network, the withdrawal fee is 10 USDT with a minimum withdrawal of 20 USDT; on the TRC-20 network, the fee is 1 USDT with a minimum withdrawal of 10 USDT.
Phemex supports fiat transactions through various methods, including SWIFT, SEPA, and FPS, in currencies such as USD, EUR, GBP, CHF, AUD, and JPY. Fiat deposits are free of charge.
For fiat withdrawals, fees are calculated based on the withdrawal amount and method. For instance, withdrawing $50–$499 via SWIFT incurs a 2% fee plus a $30 flat fee. SEPA and FPS withdrawals have similar fee structures, with additional flat fees in EUR or GBP, respectively.
Phemex Supported Cryptocurrencies
Phemex supports over 470 cryptocurrencies for trading, covering major coins and altcoins. You can trade popular assets like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL) alongside emerging tokens such as Dogecoin (DOGE) and Chainlink (LINK).
The platform offers more than 500 trading pairs, including spot pairs with up to 5x leverage and 140+ USDT-margined perpetual contracts. New coins are added regularly based on market demand and project credibility.
Phemex Native Token (PT)
The Phemex Token (PT) is an ERC-20 utility token with a total supply of 1 billion. You can stake PT to earn vePT, granting voting rights in the Phemex DAO for platform governance.
PT offers trading fee discounts, staking yields up to 1,000% APR, and access to Launchpad and Launchpool. You acquire PT through trading rewards, pre-mining as xPT with a Soul Pass, or open market purchases.
Fiat Currency Support
Phemex supports over 30 fiat currencies for buying crypto, including USD, EUR, BRL, RUB, and INR. You can deposit fiat via credit/debit cards, bank transfers, SEPA, Apple Pay, or Google Pay through third-party providers like Banxa or MoonPay.
Phemex Payment Method
Phemex supports 15+ payment methods for buying and selling cryptocurrencies. You can use over 30 fiat currencies and multiple local payment options, depending on your country. These include credit and debit cards, bank transfers, and various third-party providers.
Phemex also offers P2P trading, which allows you to buy crypto directly from other users using popular local payment channels like PayPal, Apple Pay, Wise, and more. The platform partners with trusted fiat gateways such as Banxa, Mercuryo, and Simplex to process card payments securely. Payment processing times depend on the method you choose. Card payments are usually instant, while bank transfers may take longer.
Is Phemex Regulated?
No, Phemex is not regulated by major financial authorities such as the U.S. Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA), or the European Securities and Markets Authority (ESMA).
In fact, the FCA has explicitly warned that Phemex is not authorized to offer financial services in the UK and advises consumers to avoid dealing with the platform. Similarly, Phemex lacks regulatory approval in the United States.
However, Phemex holds a license in Lithuania under Phemex Lithuania UAB, regulated by the Lithuanian Securities Commission for certain services. However, it is not fully licensed by major authorities like the U.S. SEC, EU’s ESMA, or Singapore’s MAS, leading to restrictions in some regions.
Phemex Restricted Countries
Phemex restricts access in several countries due to local regulations and compliance requirements. Prohibited jurisdictions include the United States, the United Kingdom, Canada, Afghanistan, China, Iran, North Korea, Palestine, Russia, Yemen, and more.
Security Measures: How Secure Is Phemex?
Phemex employs multiple security measures to protect user accounts and funds. These include Two-Factor Authentication (2FA), Passkeys, Anti-Phishing Codes, Withdrawal Address Whitelisting, Cold Wallet Storage, a Risk Control System, a Secure Trading Engine, and Proof of Reserves.
Two-factor authentication (2FA): Phemex requires 2FA for all critical actions like login, withdrawals, and password changes. Passkeys: Passkeys allow for password-free logins using biometric authentication, such as fingerprints or facial recognition. This method enhances security by eliminating the need for passwords, which, of course, can be compromised. Anti-Phishing Codes: Phemex lets you set a custom anti-phishing code that appears in all legitimate emails from the platform. This helps you verify the authenticity of emails and avoid phishing scams. Withdrawal Address Whitelisting: You can whitelist specific wallet addresses for withdrawals, ensuring that funds can only be sent to these approved addresses. This feature prevents unauthorized withdrawals to unknown addresses. Additionally, a time lock can be set by you for newly added addresses to delay withdrawals.Cold Wallet Storage: The majority of user funds are stored in cold wallets, which are not connected to the internet. This reduces the risk of online hacks. Cold wallets are secured with multi-signature protocols.Risk Control System: Phemex employs a risk control system that monitors accounts for suspicious activities, such as unusual withdrawal patterns or high-risk asset transfers. If an account is flagged, actions like freezing withdrawals or requiring additional verification may be taken to protect user funds.Secure Trading Engine: The platform’s trading engine is built with high-performance technology to handle large volumes of transactions efficiently. It includes real-time risk checks to ensure the integrity of trades and account balances.Proof of Reserves: Phemex provides Proof of Reserves to demonstrate that user funds are fully backed and available. This transparency allows users to verify that the platform holds sufficient assets to cover all customer balances. Regular audits are conducted to maintain trust and accountability.
Phemex KYC and Account Verification
Phemex requires all users to complete Know Your Customer (KYC) verification to access its services. The process involves submitting a government-issued ID and a selfie for identity confirmation. Phemex partners with Jumio, a reputable identity verification platform, to ensure the security of user information.
The withdrawal limits on Phemex are determined by the user’s KYC level. Users who complete Basic KYC verification have a daily withdrawal limit of USD 2,000. Those who complete Advanced KYC verification benefit from a significant increase in their daily withdrawal limit to USD 2 million.
Phemex User Interface & Experience
The Phemex trading interface is designed for simplicity and efficiency, catering to both beginners and advanced traders with seamless trading experience. You navigate a clean layout with dark-themed visuals, featuring white text on a black background for easy reading.
Real-time price charts powered by TradingView offer customizable indicators like Moving Averages and RSI, supporting technical analysis. You can access spot, futures, and copy trading seamlessly, with sub-accounts for flexible strategies. The platform handles 300,000 transactions per second, ensuring no lag during volatile markets.
However, some advanced trading tools may feel complex for novices, and the interface lacks extensive beginner guides.
Phemex Mobile App
The Phemex mobile app, available on iOS and Android, delivers a streamlined trading experience with a 4.5/5 rating on App Store and 4.6/5 on Google Play.
You can trade over 470 cryptocurrencies, monitor portfolios, and set price alerts using a user-friendly interface with TradingView charts. The app supports spot and futures trading, though it lacks some desktop features like Pivot Point indicators.
Phemex vs Other Crypto Exchanges
The best alternatives to the Phemex crypto exchange are Bybit, Coinbase, and Binance. Here is a quick comparison:
PhemexBybitCoinbaseBinanceFounded2019201820122017Trading ProductsSpot, Futures, Copy TradingSpot, Futures, Options, Copy Trading, NFTsSpot, Derivatives (limited only)Spot, Futures, Options, Leveraged Tokens, NFTs, Margin TradingSupported Cryptocurrencies470+1600+250+400+Maximum LeverageUp to 100x Up to 100xUp to 10XUp to 125xSpot Trading FeesMaker: 0.1%, Taker: 0.1%Maker: 0.1%, Taker: 0.1%Maker: 0.4%, Taker: 0.6%Maker: 0.1%, Taker: 0.1% (discounts with BNB)Mobile AppYesYesYesYesUser InterfaceSimple and user-friendlyAdvanced features with a user-friendly interfaceBeginner-friendlyAdvanced features with a user-friendly interface
How to Trade Crypto & Bitcoin on Phemex?
Create a Phemex Account: To start trading on Phemex, you first need to create an account. Go to the official website and sign up using your email address. Once registered, complete the KYC verification by uploading a government-issued ID and a selfie.Deposit Funds: After your account is verified, you need to deposit funds. You can do this by going to the “Wallets” section and selecting “Deposit”. You can deposit either cryptocurrency or fiat money by following the steps shown on the screen.Choose Trading Market: Next, go to the “Markets” page and choose the trading pair you want to trade. You can select between spot trading, which involves buying and selling crypto directly, or contract trading, which allows you to trade with leverage.Place an Order: To place a trade, select the trading pair, choose the order type (like market or limit), enter the amount, and then click to confirm your trade. Once placed, you can see your active trades and manage them from the “Orders” section. You can use stop-loss and take-profit settings to manage your risks.
How to Deposit and Withdraw on Phemex?
To deposit funds into your Phemex account, first log in and go to the “Wallets” section. Click on the “Deposit” button to start. Choose the currency you want to deposit. For crypto, copy the wallet address given by Phemex and paste it into the withdrawal field of your external wallet. For fiat currency, follow the bank transfer steps provided on the screen.
To withdraw, go back to the same section and click on “Withdraw”. Select the asset you want to withdraw. If you are withdrawing crypto, enter the recipient’s wallet address and choose the network. For fiat withdrawals, you need to fill in your bank account details.
Phemex Customer Support
Phemex provides customer support through multiple channels to assist you with trading, account issues, and technical queries. You can access 24/7 live chat on their website for real-time help, with typical response times under 5 minutes.
Email support is available, addressing complex issues like deposits or withdrawals within 24–48 hours. The Help Center offers guides and FAQs on topics like KYC verification and futures trading, though it lacks phone support.
Conclusion: Is Phemex the Right Exchange for You?
To conclude our Phemex review, it stands as a robust cryptocurrency exchange, launched in 2019 in Singapore, serving over 5 million users globally. You can trade more than 470 cryptocurrencies with low fees and across spot, futures, and P2P markets.
The platform excels with fast execution, processing 300,000 transactions per second, and offers features like copy trading, staking, and a Web3 ecosystem with the Phemex Token (PT). However, it’s unregulated in many regions and restricted in countries like the US, requiring you to check local laws. Overall, Phemex balances speed, variety, and innovation, but you should weigh its regulatory status before diving in.
FAQs
Is Phemex Legal in the US?
Phemex is not legal for use in the United States. The platform restricts U.S. residents due to stringent regulations on cryptocurrency exchanges, particularly for derivatives trading. Phemex operates without a U.S. license and isn’t authorized by bodies like the SEC or CFTC.
Does Phemex Require KYC?
Phemex requires KYC for certain features but not for basic trading. You must complete KYC to deposit fiat, buy crypto via third-party services, or withdraw over $2M daily. Basic trading and crypto deposits don’t need verification, appealing to privacy-focused users.
Can You Withdraw From Phemex?
You can withdraw cryptocurrencies from Phemex, but fiat withdrawals are limited in certain regions. The platform supports withdrawals of over 470 coins, like BTC and USDT, with fees varying by network. KYC-verified users enjoy higher limits (up to $2 million daily).
Is Phemex Legit?
Phemex is a legitimate cryptocurrency exchange with a strong reputation. Founded in 2019, it serves over 5 million users globally, offering secure trading with cold wallet storage and proof of reserves. It offers a range of trading options, including spot and futures trading. However, its unregulated status in some regions requires caution.
Where Is Phemex Located?
Phemex is headquartered in Singapore. The exchange, officially operated by Phemex Technology Pte. Ltd., leverages Singapore’s fintech-friendly environment for low-latency trading.
